Our investment philosophy is based upon two approaches. The first approach
is to focus on those companies, which leave significant above-average
growth prospects whose price/earnings ratio is below its growth rate.
The second approach is to select companies with strong financial characteristics,
which have experienced a short-term slowdown in its operations.
While we build the fund's portfolio on a company-by-company basis, occasionally,
an overall investment theme will evolve as a by-product of our investment
process. Consequently, this will lead to over-weighting in some sectors.
Generally, this will be in certain areas of technology and other high
It should be emphasized that in pursuit of investing in companies with
good growth prospects, we are very sensitive to the level of risk that